tech<p>Stability, fixed expense, equity building, an excellent learning experience.... and a college education?&nbsp; Does it sound too good to be true? Buying a home for your college student to live in while s/he attends college is one potential investment option that could benefit everyone.</p> <p>The student benefits from the stability of knowing they will not have to search out a different apartment each year before returning to college.&nbsp; The cost will remain stable as fixed mortgage rates lock in the monthly cost.&nbsp; A location close to the college reduces transportation expenses.</p> <p>Where better to try this innovative strategy than with our beautiful <a title="It's Just Better in the Berkshires" href= "http://blog.harschrealestate.com/the-berkshires/its-just-better-in-the-berkshires/" target="_blank">Berkshires real estate</a>? We have four colleges in the Berkshire, and they include:</p> <p>[caption id="attachment_118" align="alignright" width="150" caption="Affordable home in Williamstown MA"]<a href= "http://www.harschrealestate.com/realestate/detailview/49//185891" target="_blank"><img class="size-thumbnail wp-image-118" src= "https://s3.amazonaws.com/files.usmre.com/5525/blog/misc/williamstown-listing-150x150.jpg" alt="Affordable home in Williamstown MA" width="150" height= "150" /></a>[/caption]
</p> <ul> <li><a title="Williams College" href="http://www.williams.edu/" target="_blank">Williams College</a> located in <a title= "Williamstown MA" href= "http://www.harschrealestate.com/williamstown-ma-real-estate/" target="_blank">Williamstown</a></li> </ul> <ul> <li><a title="Massachusetts College of Liberal Arts" href= "http://www.mcla.edu/" target="_blank">Massachusetts College of Liberal Arts</a> located in <a title="North Adams MA" href= "http://www.harschrealestate.com/north-adams-ma-real-estate/" target="_blank">North Adams</a></li> </ul> <ul> <li><a title="Berkshire Community College" href= "http://www.berkshirecc.edu/" target="_blank">Berkshire Community College</a> in <a title="Pittsfield MA" href= "http://www.harschrealestate.com/pittsfield-ma-real-estate/" target="_blank">Pittsfield</a></li> </ul> <ul> <li><a title="Bard College" href="http://www.bard.edu/" target= "_blank">Bard College</a> at Simon's Rock in <a title= "Great Barrington MA" href= "http://www.harschrealestate.com/great-barrington-homes-for-sale/" target="_blank">Great Barrington</a>.</li> </ul> <p>Your college student owning a home has its benefits:</p> <ul> <li>No storing furniture over the summer break</li> <li>Security deposits will not be required each semester.</li> <li>Students can choose share the expenses of home ownership by taking in another student and splitting the monthly home costs.</li> <li>Students learn about the process of investing in real estate along with the responsibilities that go along with property ownership.</li> <li>The student can build up home equity that can be cashed out at the end of the four-year college period or held for longer-term appreciation.</li> <li>If a parent has more than one child attending college, the home can be used for as long as the family needs student housing or until the last child graduates from college.</li> <li>Depending upon the size of the home (2-3 bedrooms) the student can supplement his/her income by allowing for rental roommates</li> <li>Pets, which are not permitted in typical campus housing, can accompany your student to college and be a great comfort during lonely semesters away from home.</li> </ul> <p>If you decide to have your student on the mortgage and deed you, can help the student establish credit prior to graduation?&nbsp; Talk to your accountant and attorney to determine which method of ownership will work best for you and your student.&nbsp; Some parents will choose to buy owner occupied property and others will choose to buy rental property for tax benefits.&nbsp; There are many ways of holding title including creating a limited liability company.</p> <p>Choosing your <a title="Condominiums for Sale" href= "http://www.harschrealestate.com/real-estate/condos-for-sale/" target="_blank">Massachusetts condominium</a> or a single-family home for your student requires several choices.&nbsp; If you choose a condominium, your student will have the advantage of no lawn care, snow shoveling or exterior maintenance.&nbsp; The disadvantages of a condominiums include a Homeowner's association fee that may be too high and loud stereos may bother neighbors.</p> <p>A single-family residence might be easier to sell once your student has graduated.&nbsp; However the student will be responsible for external maintenance tasks such as mowing, watering the lawn and snow shoveling.&nbsp; Some neighborhoods may be less friendly to a group of students living there.&nbsp; This is less likely to be a problem if the home purchased is close to the college and other homes are either owned or rented by students.</p> <p>Disposing of the property once your student is ready to move on can be accomplished by converting your investment to a rental property or selling the residence on the open market or even exchanging it for a piece of real estate in another location.</p> <p>The potential financial and educational benefits of buying a home for your college student to live in while away at college include:</p> <ul> <li>Possible appreciation in value</li> <li>Tax benefits</li> <li>Build up of equity over the time your student attends college, which can be used to finance a home when your student moves on to his/her first job.</li> </ul> <p>Talk to your accountant, your attorney and your student about this investment option and then <a title= "Contact Harsch Associates Realtors" href= "http://www.harschrealestate.com/contact/" target="_blank">contact Harsch Associates</a> or a top flight Realtor &reg; in your market area to begin your search for that perfect home away from home for your college bound child.</p>
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